With a 1.1% price drop in the last week only, Timisoara takes the top spot in the list of cheapest cities in the country by new-apartment prices, with €932/sqm, according to a study conducted by imobiliare.ro.
Overall, apartment prices in Timisoara dropped 1.2% in May 17-23 to €907/sqm, the lowest value since the onset of the financial crisis, according to the study that takes into account the cities: Bucharest, Brasov, Cluj-Napoca, Constanta, Iasi and Timisoara.
“With a 1.1% drop in one week only, Timisoara is by far the city with the most affordable new-apartment prices of all the cities under review: €932/sqm versus €964/sqm in Cluj-Napoca, €1,003/sqm in Constanta, €1,011/sqm in Iasi, €1,070/sqm in Brasov and €1,451/sqm in Bucharest”, according to imobiliare.ro.
As for old-apartment prices, although Timisoara has witnessed the biggest decline in the past week of 1.3%, the current level of €901/sqm remains above rates found in Iasi, where for a square meter, homeowners ask €887/sqm.
With €939/sqm average price, Brasov stands below the psychological barrier of €1,000.
In Cluj-Napoca and Constanta, old-apartment prices differ slightly: €1.032/sqm and €1,038/sqm respectively.
With €1,252/sqm, Bucharest has the most expensive offer for old apartments as well.
The majority shareholder of imobiliare.ro is Broadhurst Investment LTD administered in Romania by New Century Holdings (NCH).
